The PCRIC Process
Our desire is the ensure that products and services we offer are appropriate, accessible and affordable to all Pacific Islands nations.
For this reason we aim to ensure that the process for accessing the support we have available is as simple and straightforward as possible.
Risks Evaluated
Following detailed assessments of loss exposures, risk evaluations, and decades of historic data on disasters experienced throughout the Pacific Islands region, forecasting models were put in place that would allow for individual countries experiences to be contextually placed within a larger, regional pallet for the purpose of access to insurance and financial products.
This allows for 1) enhanced access to international insurance markets 2) at improved pricing structures and 3) with a more appealing and structured platform for donor participation.
Accessible, Affordable Pre-arranged Financial Support
PCRIC provides data and technical support for National Disaster Management organisations and support organisations. PCRIC also provides access to uniquely customised Insurance solutions for nations while working through reinsurer negotiations and wherever possible, helping to facilitate premium subsidisation through donor support.
When A Disaster Occurs
We’re on it…. We’re monitoring things and as soon as the scale of an event reaches the pre-agreed trigger points per the insurance policy in place, our processes for settling a claim against that policy are initiated. While dealing with the immediate aftermath of a disaster, your attentions will be required elsewhere. PCRIC is at the helm, working with your team and the insurance providers to ensure prompt attention.
Loss Calculation
Parametric policies ensure extremely rapid payouts with no debates. Extensive forecasting and modelling have downsized sophisticated assessment ahead of payout decisions to a focus on a small number of key metrics such as wind speed, rainfall, etc. If the event has reached or exceeded a trigger point, the magnitude of the applicable payout up to the maximum value insured is determined. Now we work on the payout.
Making Funds Available Quickly
There’s always a balance between humanitarian needs and the need for repairs to infrastructural damage. Based on your emergency cash availability, that’s entirely your nation’s own choice on how to allocate and spend the insurance funds… there are no encumbrances on how and when you choose to apply them.